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Global Stainless Steel Market to Grow at a CAGR of 6.8% between 2023 and 2028.

According to a new report by EMR titled, 'Global Stainless Steel Market Report and Forecast 2023-2028', the global stainless steel market reached a value of USD 143.5 Billion in 2022. The market is further expected to grow at a CAGR of 6.8% in the forecast period of 2023-2028 to attain USD 212.95 Billion by 2028.

The global stainless steel market is driven by the rising consumption of the product by the chemical/petrochemical, medical, transport, consumer goods, and heavy machinery industries. Stainless steel is also called inox steel or inox. It is a steel alloy constituting of chromium having tarnishing and rust resilient properties.

The Asia Pacific is the leading regional market for stainless steel. Countries such as Russia, France, and Brazil are the low maturity market for stainless steel, while China has a high maturity market. China accounts for a significant portion of the stainless steel production globally. The market in China is being driven by the lower production costs due to the use of integrated nickel pig iron and the availability of cheap labour. The market is also supported by the rising domestic demand for stainless steel due to the country’s growing construction industry.

POSCO, Outokumpu, Acerinox S.A., Nippon Steel Corporation and Aperam S.A. are some of the major players in the global stainless steel market. In November 2020, Outokumpu introduced stainless steel bar stock services in the Nordics. The services will cater to the distributors offering competitive prices, less lead times, and high quality. The centre will start operating in January 2021. The bar stock of stainless steel will include round bars and profiles such as square, flat, and hexagon. Such developments by the key players in the market are expected to positively impact the market growth in the coming years.

Market Analysis by Application and Region:

  • The stainless steel market, on the basis of application, is divided into metal products, mechanical engineering, construction, motor vehicles and parts, electrical machinery, and other transport.
  • Regionally, the market is divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The global stainless steel market is driven by the increasing consumption levels of chemical or petrochemical and medical, heavy and automotive transport, and consumer goods. 
  • The increasing construction industry is expected to aid the market growth of stainless steel. 
  • The growing demand for consumer products is predicted to have a positive influence over stainless steel, further enhancing the market growth.
  • The availability of raw materials, such as iron ore and nickel, will have a positive impact on the market growth of stainless steel.
  • The presence of a large number of manufacturers in India, Japan, and China in the Asia Pacific are further invigorating the market growth.

Key Offerings of the Report:

  • The EMR report gives an overview of the global stainless steel market for the periods (2018-2022) and (2023-2028).
  • The report also offers the historical (2018-2022) and forecast (2023-2028) markets for the applications and regional markets of stainless steel. 
  • It gives an in-depth look at the regional price trends in the global stainless steel market for the periods (2018-2022) and (2023-2028).
  • It analyses the global trade data for the year 2020, looking into the value and volume of the significant importing as well as exporting countries.

POSCO, Outokumpu, Acerinox S.A., Nippon Steel Corporation, and Aperam S.A., among others, are the key players in the global stainless steel market. The EMR report looks into the capacity, market share, and latest developments of these major players like plant turnarounds, mergers and acquisitions, and capacity expansions.

*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.

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